Blitz Bureau
CITING its “reform momentum” as one of the factors, the International Monetary Fund July 29 raised India’s growth projections for this and next fiscal years to 6.4 per cent as it continues as the world’s fastest-growing major economy.
Deniz Igan, a division chief in the Research Department, said one of the drivers of India’s growth was the “reform momentum supporting robust consumption growth and a push for public investment”.
Saying it reflects a “more benign external environment than assumed in April”, the World Economic Outlook (WEO) Update raised projections for India for the current fiscal year by 0.2 per cent from the projections made in April and by 0.1 per cent for the next fiscal year.